MAGA! CBO Reports RECORD SURPLUS After Tax Cuts
Tired of winning yet? All the doom and gloom over the dreaded TRUMP TAX CUTS has proven, once again, to be WRONG. The Congressional Budget Office has released the numbers for April, and, as it turns out, the federal government has collected record revenue along with a record one-month surplus.
Estimated Surplus in April 2018: $218 Billion
The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year. Individual income and payroll taxes rose by $73 billion (or 20 percent), on net. Nonwithheld payments for those taxes, largely final payments of 2017 taxes, rose by $60 billion. Withholding of individual income and payroll taxes rose by $7 billion (or 4 percent). Withheld taxes rose both because wages and salaries were higher and because April 2018 had one more business day than April 2017. However, those factors were partially offset because the share of wages withheld for taxes was lower, CBO estimates, reflecting the new withholding tables issued in January. Corporate income tax payments declined by $14 billion (or 24 percent).
The only bad news is that spending was up to $297 Billion, which was $24 Billion more than this time last year.
According to Market Watch, this breaks the previous surplus record set back in 2001, which was $190 Billion. These latest numbers are $40 Billion MORE than what the CBO had projected. In fact, these numbers prove the original CBO estimate wrong, as they had predicted a record deficit.